2. A company issues 0% loan notes at their nominal value of $40,000. The loan notes are repayable at a premium of $11,800 after 3 years. The effective rate of interest is 9% Required: (a) What amount will be recorded as a financial liability when the loan notes are issued? (2 marks) (b) What amount will be shown in the statement of profit or loss and statement of financial position for years 1-3? (8 marks) (c) On 1 April 20X1, a company issued 40,000 $1 redeemable preference shares with a coupon rate of 8% at par. They are redeemable at a large premium which gives them an effective interest rate of 12% per annum. How would these redeemable preference shares appear in the financial statements for the years ending 31 March 20X2 and 31 March 20X3